DIEM vs. UUP
DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - DIEM is a Emerging Markets Diversified fund tracking the Morningstar Emerging Markets Dividend Enhanced Select Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, DIEM returned 8.30%/yr vs 3.17%/yr for UUP. At a correlation of -0.35, they often move in opposite directions. DIEM charges 0.19%/yr vs 0.75%/yr for UUP.
Performance
DIEM vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, DIEM achieves a 24.14% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, DIEM has outperformed UUP with an annualized return of 8.30%, while UUP has yielded a comparatively lower 3.17% annualized return.
DIEM
- 1D
- -3.35%
- 1M
- -4.04%
- 6M
- 18.80%
- YTD
- 24.14%
- 1Y
- 41.33%
- 3Y*
- 23.75%
- 5Y*
- 10.93%
- 10Y*
- 8.30%
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
DIEM vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF | 24.14% | 30.81% | 12.29% | 15.41% | -20.61% | 6.92% | 1.27% | 12.23% | -11.29% | 27.61% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between DIEM and UUP is -0.40, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.36 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016 | -0.35 |
The correlation between DIEM and UUP shifts across timeframes, from -0.47 (5 years) to -0.35 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DIEM vs. UUP — Risk / Return Rank
DIEM
UUP
DIEM vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) and Invesco DB US Dollar Index Bullish Fund (UUP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DIEM | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.25 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.37 | 2.28 | +1.09 |
| Martin ratioReturn relative to average drawdown | 11.88 | 6.26 | +5.62 |
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Drawdowns
DIEM vs. UUP - Drawdown Comparison
The maximum DIEM drawdown since its inception was -38.61%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for DIEM and UUP.
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Drawdown Indicators
| DIEM | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.61% | -22.19% | -16.42% |
Max Drawdown (1Y)Largest decline over 1 year | -12.33% | -3.65% | -8.68% |
Max Drawdown (3Y)Largest decline over 3 years | -16.82% | -10.05% | -6.77% |
Max Drawdown (5Y)Largest decline over 5 years | -33.34% | -10.37% | -22.97% |
Max Drawdown (10Y)Largest decline over 10 years | -38.61% | -14.24% | -24.37% |
Current DrawdownCurrent decline from peak | -9.15% | -1.26% | -7.89% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -8.88% | -0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.49% | 1.33% | +2.16% |
Volatility
DIEM vs. UUP - Volatility Comparison
Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) has a higher volatility of 10.87% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that DIEM's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DIEM | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.87% | 1.45% | +9.42% |
Volatility (6M)Calculated over the trailing 6-month period | 20.32% | 4.34% | +15.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.96% | 6.03% | +15.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 7.22% | +10.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.00% | 6.90% | +11.10% |
DIEM vs. UUP - Expense Ratio Comparison
DIEM has a 0.19% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
DIEM vs. UUP - Dividend Comparison
DIEM's dividend yield for the trailing twelve months is around 2.99%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF | 2.99% | 2.99% | 4.92% | 4.45% | 6.31% | 4.06% | 2.75% | 5.98% | 3.87% | 2.61% | 0.35% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.25% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% |
Frequently Asked Questions
DIEM and UUP have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIEM has higher volatility (10.87%) compared to UUP (1.45%). In terms of maximum drawdown, DIEM dropped -38.61% vs UUP's -22.19%.
On 10-year performance, DIEM leads with 8.30% vs 3.17% for UUP. On fees, DIEM is cheaper at 0.19% per year. On volatility, UUP has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DIEM has performed better with a 8.30% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIEM is cheaper with a 0.19% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 2.99% for DIEM.
DIEM is categorized as Emerging Markets Diversified, while UUP is Currency. DIEM tracks Morningstar Emerging Markets Dividend Enhanced Select Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.19% for DIEM and 0.75% for UUP.
DIEM currently has the higher Sharpe Ratio (1.89 vs 1.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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